Mr. Brett Marsh reports

SPARTAN METALS - ANNOUNCES ADOPTION OF NEW EQUITY INCENTIVE PLANS AND THE GRANT OF SECURITY-BASED COMPENSATION

Spartan Metals Corp.'s shareholders approved the company's new 10-per-cent rolling stock option plan and its share unit plan at the company's annual meeting of shareholders held on Jan. 19, 2026.

The equity incentive plans provide the company with the ability to issue stock options, restricted share units (RSUs) and deferred share units (DSUs) to directors, officers, employees or consultants of the company or its subsidiaries. The aggregate number of common shares reserved for issuance in connection with the option plan shall not exceed 10 pepr cent of the issued and outstanding common shares of the company at the time of grant. The number of shares reserved for issuance under the share unit plan shall not exceed 2.5 million common shares.

Further details regarding the equity incentive plans are included in the management information circular of the company filed on SEDAR+ in connection with the shareholders meeting.

The company further announces it has granted an aggregate of 1.85 million options to directors, officers, employees and consultants of the company in accordance with the company's option plan. These options are exercisable at 39.5 cents per share for a period of five years. The company also announces that it has granted an aggregate of 682,000 DSUs to directors and officers of the company and 60,000 RSUs to eligible persons of the company. The DSUs and RSUs are governed by the company's share unit plan and will be subject to applicable securities law hold periods.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defence minerals such as tungsten, rubidium, antimony, bismuth and arsenic.

Spartan's flagship project is the Eagle project in eastern Nevada, which consists of one of the highest-grade historic tungsten resources in the United States (the past-producing Tungstonia mine), along with significant underdefined resources consisting of: rubidium; antimony; bismuth; indium; as well as precious and base metals.